The Sun. — London, England, 1826-02-18 00:00:00

7 t 1 ' = ~:,- ".,- ..' V ,:r ~..,:r., , _ 1 ....„ . ‘,.: L . ,trr.„._• \ 1 '''' irt'Wbg . o4:o:7T's ...,,,, - .....r, , t 2 .41,_ .... 4 ,--.?",,' \ i,4 4s .t:''';l'l ~,, i ~ .efl . I ().?; * l- 1 .." 1(4) 3 T .C 7, 7 /,'' • , EAST INDIA HOUSE, Feb. IS, imet, T HE COURT of DIRECTORS of the UNITED COMPANY of MERCHANTS of ENG LAND TRADING to the EAST INDIES, do hereby give Notice, That a GENERAL COVET of the said Company will be held at their House, in Lendenhall-street, on WEDNES DAY, tlic tat March next, from Nine o'Clock in the Morn ing until Six 'in the Evening, for the ELECTION of a DI RECTOR of this COMPANY in the room of WILLIAM TAYLOR - MONEY, Esq, who bath disqualified. JOSEPH DART, Secretary. HOUSE Ol' COMMONS. IN Reply to an Honourable Member's Ques tion, last Thursday. why Lotteries were continued after an Act of Parliament for their Abolition, the CH A NCELLOR 0 , 1 the EXCHEQUER observed, that the Act authorized but Awo more Drawings, when Lotteries would end for ever. The Public are now reminded, from the Highest Authority, that there will be no more opportunities to gain a princely in. dependence for a few Pounds after those Drawings. As Fortune is generally kind in a last effort, and anybody may now obtain her favours, everybody should try to pattict. Pate in the Six Twenty Thousands, &c. &c. which must all be decided Next Wednesday Week, Ist of March. MONEY ON MORTGAGE OF ANNUITY. VIVE THOUSAND POUNDS and Up. wards, or any pert (in Sums not less than '00), wil: Le advanced on Life-Interests from Marriage Settlements; l'ilist.money in the Fonds, Wills, Jointures, and R.' t states; also on Freehold, Copyhold, and Leasehold l'ro. perties, on fair, just, and liberal terms. • Apply personally, or by Letter (post paid), to Mr. Lloyd Attorney at Law, N 0.4, Adarn-street, CITY OF LONDON BEDDING N.LART. THE CHEAP BED FEATHER MANU FACTORY, 48, SKINNER•STREET, SNOW HILL. The Proprietor or this Extensive. Concern Informs the Public. that in consequence of the Duty being talion off Fu "110 Feathers, he is enabled to sell them at very Reduced Prices. A LARGE ASSORTMENT of FEATIIF.RS, Reds, Mat tressrs, Blankets, Counterpanes, Bedsteads, and Ready- Made Ticks, well worth the attention of Families furnishing. Being an. Importer of Feathers, which he purchases for tii4ll, he is enabled to sell every article to pet cent. less than any house in London. His Feathers being dressed by a New Process of Machinery, they will be found always Clean and well seasoned. T .'s * Near the Church, and not connected with any other 2-tome. RECTIFIED SPERM OH,, at 4s. fhl. per Gallon. -UPTON and CO. Oilmen and Chemical Co lour Manufacturers, 64, QUEEN-STREET, CH EAP SIDE, (nea r th e Southwark Bridge), respectfully acquaint the Public, that they are selling Sperm Oil, equal in purity t‘' Spirits of Wine: it gives the brilliancy of the finest Gas, ' v t bout Smell or Smoke ; and although it is peculiarly adapt ed for Sinumbra, French, and all Lamps of a superior kind, it will be found advantageous for general use in an economi cal Point, as, from its extreme purity, there is no waste. td* All Casks and Bottles are sealed with Upton and Co.'s n ame, and such only are genuine. N.H. The following established articles may also be had, 1.14- -Reduced Mineral Paint, not requiring to be heated for at 151. per Cai.k—Lithic Paint 301. per cwt.—The Anti c;orrosise Paints, ground in Oil, of Invisible Oteen and other colours,, at 40s. per cwt.—Genuine 'White Lead, 40s. per c wt.--Patent Grass Greens, ts. 6d. to 25. thl. per lb.—tine Chamber Oil, 4s.—Pals Whale, Ss.—Common Lamp, 2s. 9d. Pet gallon. LILWALL'S PAT IROVED COCOA Wartanted to keep. The Nutritious and Strengthening Properties of COCOA are ho well known as to need no panegyric; and its frequent re commendation by MEDICAL GENTLEMEN to persons o f delicate habits, fully testifies its worth : but the trouble ° ,1 4.1 difficulty of making it, by the usual method, hare pre- Tented its extensive usefulness. The facility, however, af forded by the above superior Preparations will be obvious, whet; it is considered, that it needs only the addition of Boiling Water, instantly to produce Cocoa of a delicious and improved Flavour; and it will be found not only a pleasant realthst Beverage, but equally ;tdvantageoos for M ERCHANTS. TRAVELLER ' , CAPTAINS, COUNTING HOUSES, INNKEEPERS, &c. Also, a Specific to prevent Sea Sickness. Prepared and Sold by H. LILWALL, 92, Bishopsgate Within. DI ft ecTioNs FOR UMINO. On one tea-spoonful of the Paste pour a t ea-cup.full of boning Water. stir it well, adding a little Sugar. A SAVING OF FROM io To au PER CEN c. PATH ERS, BEDS, MATTRESSES, P A L. MASSES, BEDSTEADS, SOFAS, COUCHES, C HAIRS, FLOCKS, &c. Retail, at the Manufacturers' I'dees to the Trade, for Ready Money. TIMOTHY'S noted hea'P Warehouse and Extensive Nlaaufactory, No. 30, Ii A I tBICAN, One Door from Red• Cross-street, Wholesale. ! t tlall, and for Exportation. The Manufacturer pledges ointself to convince the mast incredulous, by a single Trial, !lie great advantages Ready Money possesses. Every article marked in plant figures, and warranted perfect at the 'west price, so that a Child may be served as well as the /oust competent Judge, It being the sole object of the Pro. Prietu r to secure the approbation and future favours of his Customers, by selling good articles at small profit. B En PEATICeRs WARRANTED rase. FROM DUST OR SMELL. 1. hite Goose Feathers, 21.0 d. Flock Beds 10s. to 21s. and upwards. Mattresses and Palliasses, C ,'"Y Goose -10.6 d. 1 0 s. and upwards. 'onttrY -11.0 d. Wool and Hair Mattresses Plnelcs Os , 3d. equally cheap. " t• Goose Beds, SI. 10s. to al. Bedsteads, 16s. and upwards, i;rY Goose, 15S. tO 41.105. Sea Bedting of every de oultry 11. as. upwards. scription. ti Ready-made Ticks sold at Prime Cost, if filled with fea• fit !rss and - all Purchas of Feathers may see their Ticks "ell - from the Stove, ers Old Beds dressed, Hair Mattresses cored from the Moth by a superior process, and remade on reasonable Terms. Window Curtains and Furnitures cut out and made up in the newest anti most approved Fashion. M ,_.ereboots, Captains, Upholsterers, Brokers, Tavern keeers, Proprietors of Schools, sae' b &c. will experience a great Saving puachasing at No. 30, BARBICAN. 6.., N UMBER 10,434. OXFORD UNIVERSITY ELECTION. T" COMMITTEE for Conducting Mr. - ESTEOURT'S ELECTION meet daily at the THATCHED HOUSE TAVERN, St. James'a-street, at Ten o'Ciciek. - - - - THOS.. GREENE, Esq. M.P. in the Chair. To the GENTLEMEN, CLERGY, and FREEHOLDERS of NORTHUMBERLAND. GENT LE MEN, AVING concluded my Canvass of this Town and Neighbourhood, I have only to express my sincere Thanks for the general Cordiality with which 1 have been received here, and throughout the County. I shall not shrink from my Post on the Day of Trial, when I earnestly request your Attendance at Alnwick. I have the honour to be, Gentlemen, Vour faithful :tea et•Vasit, HENRY THOMAS Committee Room, Queen's Head, Newcastle, Feb. 13, MN. •••••• • - 17:1 -, *.7 • --** l ,Aeti 1 4 4, %Y . io-- C3l tt fifFs k l,": , . 1,/e4.e; / . • ik 4 i" - / / PARLIAMENT. , sure in times of distress contributed t o die difficulties of the 1 country. '4 THE BANK CIISRTF.IL The Order of the Day having been reed, The Earl of LIVERPOOL rose pursuant to his hotice, to move the second reading of the Bill, to amend the 49th of George 111. relatively to the Bank Charter. Before doing so t however, in compliance with the general feeling, that it would be a convenient course, be should take thae , opportunity of stat ing generally, the system which his Aftijesty's Government thought fit to adopt under the present dix(ressee of the country. He was hilly aware of the difficulty which uttaehed to any mes. sure Which it might be the duty of the Go'i'erninent te propose; but if minds were disposed to look fully turd fairly at .the quass tild beconietei, Lion, the nature of a remedy wo GLOVE AND SILK TRADE.theigs aline' in , it appeared at first sight. .A Noble ~ „WV:* egir e auseree - . . 4 1.0 , pa ... red to a declaration which he _.(t ,'. ,4 ,:: l- 41444 01114104 : The Earl of ILCIIVITER presented a petitioh from a town lore oliyious . than Somersetshire, against the importation of foreign leattare,. e etr-liseAlairoierrOvoliLerkernottiqreseette": it aseaklor. froenctee Nit the present crisis had not been unforeseen by him, as he tarn inhabitants of Coventry, against the importation of foreign had expressed last Session an opinion that it would unavoidably ribbands. Earl GROSVENOR presented a petition from the manufac- , arrive. That Noble Earl, however, had thought that in et turets and other inhabitants of the town of Yeovil, in Somerset- . pressing that opinion he had not in his view the question of the shire, praying their Lordships not to permit the importation . of . foreign leather. Although his Lordship did not coincide in the ' Countryßanks. is was erroneous.Asfar his This prayer of the petition, lie felt that the doors of their Lordships' , served him, and he found it preserved in those records, House ahodlti be thrown open to receive the petitions and in- , looseand imper ect they m 8 g jects, and it was more peculiarly incumbent upon their Lord- least the substance of what was said in that [louse, he had ships to give every facility to all applications, as the forms of the other House of Parliament were a ttend e d w ith more eetepence stated as one of his reasons for apprehending an approaching and difficulty than petitioners were subject to in that House. i crisis, that rash speculations were not confined to town, where His Lordship thought that a free trade would be most conducive people knew best what they Were about, but that they extended to the prosperity of the country, and he was sure th a t th e menu - " facturcrs of gloves in this country and in Ireland have nothing 'Banks. to the country through the medium of the Country Of to fear from foreign competition. It was well known that in ' this Government had intelligence at the time as well as inch'. the sister country, particularly in Limerick, gloves were inanti- 1 factored of a superior quality to any that could be imported ; viduals. In reminding the House of his anticipations, he did and his Lordship hoped that every encouragement would be not pretend to a prophetic spirit beyond that of any other Noble given to this manufacture by the Ertg.l.ish Ladies, who had it Lords, who had turned the i r minds to the quest i on : a l l he meant in their power to protect this branch of industry.—The Petition was then laid on the table. to say was, that no one could consider the subject seriously with. CORN LAWS. ! out perceiving that speculations took such a turn that they Lord KING presented a petition from 5,000 Inhabitants of Leicester and its vicinity, praying an alteration in the Corn re -action. must sooner or later he followed by a powerful i - e Laws. His Lordship could not better denominate those regu- H e compl e tely weed with the Noble Lords who ascribed the lations than by calling them the job ofjobs. By those laws the poor man was deprived of one day's labour in the week for eause of the recent evils to the extraordinary and extravagant • the benefit of landlords. The price of food was raised one• sp ecu l at i ons grow i ng o u t of the prosperity of the country.— sixth, and by this high price a tax was imposed upon that portion of the connunnity who were least able to bear it. It Their Lordships' attention had been directed, even lust year, to was too much to ekpect that the poor man should contribute one one branch of the subject by all those projects of Mining and day's labour in the week to the support of such a system.—Laid other Companies which had come before them, and it had been on the table. RICHARD STAFFORD COOKE. 1 their wish, as well as Iris own and -that of a Noble Earl oppo- Lord TEIN HA 31 presented a petition from Richard Staf- site, to throw some obstru'ctions in - the way of !speculation, by ford Cooke, praying their Lordships to make some alterations in making additions to the forms of the House. Of such a spirit the minutes of their Lordships proceedings upon his claim for the Stafibrd Peerage. there had been no etatnple since the period of the South Sea The Earl of LAUDERDALE said the petition was quite Bubble. Neither was it confined to new projects ;it extend irregular ; and, After an observation from the Earl of LiVEnrom., the ed to all branches of legitimate trade. Much had been said petition was withdrawn, of the dangers of a free trade, and objections to the SLAVE TRADE. i The Marquis of LANSDOWN would not trouble their commercial policy adopted by his Majesty's Govern- Lordships with any obiervations upon the important subject ment had been founded on the recent convulsions : but he could of the following petitions, but hoped their Lordships would soon take some measures for the Abolition of Slavery. The show that the widest speculatfons had been made in those ar. Noble Marquis then pie4ented a petition from a body of Pro- ticks .which had always been free. There were Returns on testant Dissenting Ministers, residing in the cities of West- their Lonlships' table of the principal articles of trade, show. minster and London ; another from the inhabitants of War minster, in NViltshire; another from New Mahon, and an. ing the average quantity of raw material imported during other from the Mayor, Burgesses, and inhabitants of Chile- ' the th r ee. years before 1021 t, and eenttritated with the import*. , , penhatn ; and one from Swansea—all praying for the Abo i- . tion of Slavery.—Laid on the table. florin of that year. It would appear from them: that the aye- Lord CAL rtiortrE had petitions similar in their object to rage of Sheens' Wool imported in 1822, 11123, and 1824, was those presented by the Noble Manittis, and his Lordship could 20 341,80011)s. whilst In 1825 it was 38,700,000jb1. or an in. not abstain from making a f e w re m ar k s . Th os e petitions ' " did not proceed from un se e n or d ou b t f u l c h aracters, b ut t h e y , c re ase of 90 per e-- cen The average importations of Cotton were the result of a deep conviction upon the part of the Pe. t ' Wool in the ssme three years amounted to 161,050 bales of In. itioners that slavery w as i nco n s i stent w i t h t h e b est i nterests Of the Colonies as mu c h as o f' t hi s country . Wh en hi s :(U in P the former period was 5,0001b5., ie. the latter 7,0001 be. Lordship saw the manner in which the proceedings of Govern. I The importation of square Timber had been increased ment and of Parliament respecting the Slave Trade were , from 551,000 to 634,000, and that of Deals from 41 to received in the Wrest India Colonie s , lie entertained a strong hope that the present Session of Parliament would not pass with. out his to seeingiskeep a a substantive rd m a ea f s g u o re la iinttirodthuer coffers ee i d ,either ti b ia y a his .51 was Majesty's Ministersorsome Peer better qualified than himself, to ameliorate th e c o n di t i on o f t h e Sl aves in our co l on i es . When he considered the respectability of the petitioners, and that their resolutions were fortified by th e vo i ce o f th e people from all sides of the count r y, hi s L or d sh i p felt conf id ent t h at P ar li amen t would reflect serio us ly upon t hi s sub j ect, an d ta k e i t i nto t h e ir early consideration. Th ose P et i t i ons represent a mass o f up right generous Engli s h feeling, and they would be powerful auxiliaries to their Lordships in putting down that refractory spirit in which the com mun i cations o f G overnmen t an d t h e Acts of Parliament had been rece iv e d, and almost rejected by those nominated assembli es i n t h e Vest Indies, he hoped their Lordslips would take steps to enforce those measure.— The petitioners had no interest hut justice and humanity, and were on that account entitled to the more respect.— Their Lordships would, he hoped, receive these petitions as pledges from the people of c o r di a l co - o p erat i on in t he Cause of humanity. Hirt Lordship then 'presented the follow ieg petitions—From the Inhabitants of Dudley ; from the Town of 'Warwick ; from West Bromwich, Staffordshire; from a Society of Baptists in Eton - street, London ; all praye ing for the Abolition of Slavery. — Laid on the table. EXCHEQUER BILLS. The Earl of LAUDERDALE, seeing the First Lord of the Treasury in his place, wished to allude to a measure which was the subject of some observations on the preceding evening. It appeared that Government had prevailed upon the Batik of England to purchase Exchequer Bills to the amount of two millions, with an understanding that Ministers would recom. mend to Parliament an early payment of the Exchequer to that amount, for the purpose of relieving the Bank from any inconvenience arising out. of those purchases. It was the first instance of the kind which he ever heard of in Parlia ment, and his Lordship very much doubted whether it was legal. It was true that in the years 1793 and 1794. The Bank had discounted foreign MN to a large amount, tint that was not at all analogous to the prent case. His Lordship then moved for Copies of the Correspondence between the Government and the Bank of England, relating to the purchase of Exchequer Bills, and also copies of all correspondence be tween any ('Government since the year 1792 and the Bank upon similar subject. The Noble Earl (Liverpool) might laugh at the idea of producing so voluminous a correspondence, but he believed there was no necessity for any such apprehension, as it would be found that no such case had occurred, and it was for the purpose of establishing that fact his Lordship made the motion. . The Earl of LIVERPOOL had no objection to the first part of the Noble Earl's motion, and with respect to the second, lie doubted very much whether there was any such correspondence upon the books—Ordered. ' BULLION. Lord KING wished to ask the Noble Earl at the head of the Treasury one question—whether, as there was such a facility as coining bullion into sovereigns in forty-eight hours, the Mint might not give sovereigns in exchange for gold ; as the object appeared to be to encrease the circulation, his Lordship thought this would be the most expeditious course, and one advantageous to individuals. The Earl of LIVERPOOL could not see the necessity of changing th e present practice. Any quantity of bullion might be converted into sovereigns at the Mint in a very short time, and he most sa y t h e con d uct o f t h e officers of that establish ment had be e n most pra i setvort h y . Th e y we re always ready to attend to sirst applications made to them, and the public had a right to d eman d o f t h e Mi nt a co i nage o f bullion into sovereigns. Lord KING could not see why the Bank would, not convert bullion into a citeulatio g co i n , p ar ti cu l ar ly .when gold was be low the Mint price, a n d w hep t h ey must h ave a considerable profit by such a practi ce . The Ea rl of LIVERPOOL said the Bank could not be prevented from buying go ld even at a di sa d vantage ; but his Lordship did not think they w ere lik e ly t o a ct in that way, necessary. . Lord KING thought that the Bank keeping too large a trea. HOUSE OF LORDS, FED. Vt. SLAVERY. The Marquis of HERTFORD presented a petition from the inhabitants of Coventry, praying their Lordships to take some measures for the Abolition of Slavery. The Earl of TA NKERVILLE presented a similar petition from the Mayor, Burgesses, and other inhabitants of the town. 'of Berwick-upon-Tweed. SCOTCH BANKS. The Earl of LIVERPOOL• moved that there be laid before their Lordships an Account of the number of Banks established in Scotland, distinguishing those that were chartered and speci fying the number of partners in such as were not chartered. 31r. CRAYTER, from the Treasury, presented the said Accounts, which were laid on the table, and ordered to be printed. 48,000. With respect to Silk, on which so many complaints had been tittered, because its importation in a manufactured state would be opened next July on paying a duty of 30 per Cent., the speculating spirit had acted With still greater power. The quantitiesof the raw material imported by merchants and manufacturers were immense. ThroWn silk had risen from 404,0001b5. to 880,0001bs. that is to say the importation of that article had nearly doubled itself in the space of a year, whilst that of raw silk had increased at the rate of from 2to 30001 b. weight. There had been also a great augmentation in the imports of Wine and Tallow. It was evident, therefore, that the same spirit of gambling which displayed itself in so many wild pro. jects acted with equal power on all branches of legitimate trade, anti must inevitably be followed by a dangerous re-action. But how were the recent evils connected with the Currency ? This was the next point to be considered. hie knew that in most publications some ascribed them exclusively to extravagant spe culations, and others to the currency. He thought that they would not have proceeded safely front speculations, bad not those speculations been aided by the state of the currency. Speculations and the spirit of gambling bid been the origin of the evil, but it could not have been carried on to such an extent without the aid of the currency. This was the natural and plain state of the case. Now the question of the currency might be divided into two branches, one ap plying to the Bank of England and the other to the Country Bank,. On looking at the whole amount of Bank of England notes issued from 1812 to .1223 and one half of 1824, there no reason to suppose that its circulation was in any degree ex. cessive. In 1823 the exchanges were faVoutable to this coup. try, although the Bank had encreasod its issues ; and though it was a disputed point by many knowing and clever persons, yet most individuals adhered to the idea generally entertained, that the exchanges furnished an infallable test, by which the currency was to be tried. In August, 1824, they continued to be favourable to this country; but in:September they, took an unfavourable turn, and in the latter part of that year, and the beginning of 1825, the Bank encreased its issues. It must be said for the Bank, however, that in Alarch 1025 it sew the ne. cessity of drawing in. Between the 15th of February and the 17th . of May, of that year, it reduced its issues to the extent of 1,300,0001. I b etween 31 a y and August , 7 0 0 , 0001 . and it con tinued the reduction till at the beginninl. of the present month s they were diminished by 3,500,0001. What was the e o nd uc t of P Bot Wore he pro- the Country B an k s a t that very period eceded, he wished to say once for all, as it had been supposed,. in conselaemce of a paper to which his name we,. affixed, that he had east an i m p utat i on o n Country Bankers, that he and wo at f all ca he untr iad yißaaanikdsreflualtleyd to . as rteshep;ebralel system of b an ki ng , ant i any in town, anti that not to patticubir establishments in the country. In 1021, 1022, and 1823, the circulation of country banks had continued with very little variation at about four millions. In 1824 there had been an enerease from four to six millions, and in 1825 one from six to more than eight millions ; so that at the comment. ment of 1828, that circulation had actually more than doubled SATURDAY EVENING, FEBRUARY 18, 1826. itself. It might he said that this had been pronioied by the en. creased issues of the Bank of ,England; but it Jetta a material, fact td state that it war after the Bank had drawn in its issues to an extent perhaps too great for the citetunstanee of the tittles, that the greatest encrease had taken plaee in the circulation of the country banks. In the, quieter ending in October, MIS, there had been a large number of country bank notes stamped than at any other quartet ; so that all the good done by the re duction of the issues of the Bank of England was more than cOunterbalanced by the augmented issues of Country Banks.-- Was it too much therefore to say that the spirit of speculation, supported by a paper circulation, and particularly by that of Country Banks, had brought the colliery where it now stood ? The first failure had been that of a great Bank in the West of England. The second had certainly happened in town, its IZi, ri flout* own"; WI VI --I*ty Cox Y,, Battl4ae The tiled bad been a great Ilitrikittg-Establieltniant in Yorkshire; and during the panic and the run with which it had been attended on all Houses ; and even on the Batik of England, those rifts had been the most exposed which were known to be connected with Country Bankers. It was now the duty of Parliament to apply a remedy to the evil. He knew thet it might be said—" Leave the matter alone ; wait for quiet times, and then apply a remedy t" but those who would say so had seen less of the world than he had. The application of a remedy came with much more effect, and excited less clamour when its necessity was felt, than when the pressure had ceased. The nature of' the one proposed was two-fold. Its first branch was a measure for the gradual withdrawing of one and two pound notes out of circulation. Its second, one for opening as much as possible the keneral system of Banking. The first tneasufe Was not actually before their Lordships, hut as it was known by the votes of the other House to be in progress, it might be more satisfactory, he should state the grounds on which it was founded, and should endeavour to obviate the objections made to it in public. its chief object was 'one which could not be denied as far as it went ; it was by with. drawing U. and 21. notes, and substituting a metallic currency, to give achesk to commercial speculations. But there was an« other consideration which ought to be overpowering with their Lordships. If we were to be subject to crises of that nature, and a great commercial country like this must be subject to them to a certain extent, the first consideration should be to relieve the great body of the people, the Poor, from the evils of elicit a circulation. The humble labourer could not refuse a note ; his wages mist be paid t neither could he retain it.— lle must expend it in his daily support. Let Noble Lords reflect on the misery produced in a country town by the failure of a bank considered solvent (and about 70 with that character had failed) where the industrious had deposited all their little savings, and having one pound notes, were obliged to hawk them about for five shillings to purchase the necessa. ries of life. To such misery he had been a personal witness, and it was a case which could never occur with a metallic currency. The next point was the difficulty of establishing such a currency. But those who saw any great difficulty in the task forgot the actual situation of the country. In this metro. polis and its vicinity there was nothing but a metallic circula tion. In Lancashire, in Liverpool, and Manchester, with their three hundred thousand inhabitants, and in the whole district, containing two millions of people, them was nothing but a metallic circulation. With respect td four millions of the population of England, therefore, embracing two-thirds of the wealth of the country, nothing existed but a metallic currency. Where was the difficulty of' extending to the whole country what ep il en d o e u n r c i i s e i s ted ? a ll d force i n es tln i t i l s o i n t ed , La i n n c b a o s t li i t i re t , h a es n e d . 13 their It places es without any obstacle, and yet had there been any peril in the attempt it would hare been ten times greater there than any where else. Indeed at 'Manchester an attempt of a different nature had entirely tailed. An endeavour had been made to establish a circulation of one and two pound notes, but to the great credit of the inhabitants of that town, it had been defeated, and they had chosen to remain where they were. There were, besides the accounts on their L or d, • ships' table, other facts to show that the difficulty of extend ing a metallic circulation throughout the country was not great. It was pretty well known what the circulation of one and two-pound Batik notes *as, and would be, in the total absence of gold. During the suspension of cash payments the last returns were laid before Parliatoent, from which it appeared that the whole circulation of Bank of England U. and 21. notes amounted to seven millions. The amount of Country Bank notes was to be derived from other data. It did not exceed six, .or at most seven millions, making a total of thirteen or fourteen millions, taking years when no extraordinary issues had been made. Now, between 1819 and 1828, the Mint bad coined in sovereigns and half sovereigns i gold to the amount of twenty. five millions. In one year alone, 1021, nine millions and a half had been coined. Vrom this total was to be deducted the amount legally exported out of the country, for the absurd law which prevented, the exportation of British coin had been abolished. 'This amount was 7,289,0001. from 1819 amen to the present time. He was also aware that a considerable nom had been probably exported in smuggling transactions, and in the pockets of individuals visiting the Continent, which had never gone through hie Majesty's Customs. This sum he Would esti. mate at three millions more though he knew that it was far above the real amount.--Supposing, therefore, that out of twenty five millions of gold Coin, ten had been exported since 1819, there still would remain fifteen millions, or rather, as one mil. lion had been re-imported since last year, in consequence of' the favourable state of the Exchanges, there couldnot be at present in the country less than 18 millions of gold coin to take the place of a paper circulation, at the utmost . of 13 or 14 matins. In consequence of the refusal of a hanker at Bristol to pay in gold, e.nd of the ran on country bankers which it occasioned at the time, much gold had been sent to the country, where it still continued to circulate. Potting the case, therefore, in the least favourable point of view, there was, if not ac tually enough, at least not much less than enough gold coin in the country to carry on a complete Metallic drettlation.... But it wee no; intended to propose the immediate establish. tittit of such a circulation. Three years were to he allowed for the purpose, and if the example of Lancashire were taken i n n i s to lf, e(l N ll l4 itl iy er w a a ti s m tl ' ier h e il it tli go e e tru l ; d a ,pa p c ar p i tp r r u c e e o t r i t l i la .c e t n il t rl d i ec o e u n c a loa i in ni i Lti o ffi tnry. e n:e l vt ex ti I , e i t ih s i e r e yc Vl aw a il : tes d e M i tt I . l 4o V ee n a rr • thinaw 1 1 4 no i t li'le a c3r gp u c ea l t thereo 4 n ovat It s was a fact that two mingled currencies PRICE SEV.CNPENCE. could not go on together. Say that there shill be paper, and. you will find no sovereigns there. Say that there shall bu gold or crown pieces, and you will find no paper. These were some of the grounds on which the measure now before another prth of the Legislature wilt founded. The other reasons which refl.. dered it etpedient were, that in some degree it gave a cheri to speculation ; that it would aisle its evils earlier felt; that it would secure favourable exchanges, and above all that. it would . ," yield eitectual protection td the great body of the people. In doing this, however, Parliament would not do enutigt). Ike tkail *mallet measure to Propos& and in doing so he felt that It w!i a deticient one. But wherefore was it only a half measure Because the chartered right, of the Bank tendered it impaniblo to go farther. ritrther Parliament ought to go and must go ; but at present it was not in its power, *ls had been surprised to he! !lily objection ti this 'Deficit e,kiyomt the usual ond, ,t`aitt it ksulti do little g0(4,,,, fOr: it puzisibill vould do .110 hartil. present system of laws, as to banking., was most abststdarld inexpedient. It was a system *Melt could not be main tained, and which could not hake been eitablinlie4 at once, but Must have grown gradually, in auell as to disguise its absurdity. Two modes presented thetintelves. The one was a system of wholesome restrictitins, admitting of only one banit4 of WI, or twenty, or, if the number was not limited, founding diem on such principles, as to render such establishmenti,se• cure. In the State of Massachusetts, in America, there rere only 12 chattered banks. No others were allowed, and if any of them were unable to pay in specie, it forfeited its charter, im• mediately. Be conceived that such a system might be wiselind beneficial In any country where it was singly adopted. There . was another system, one of full and entire liberty, which would in the end answer the same object ; for there was, no dom.bt; the right of the Crown to grant charters being preserved, that whenever respectable banks were established, they would drive out the smaller and unsafe firms. There was no other circue lation in London but that of the Bank of England, yet every London banker might issue notes if he pleased, but note would do so in the presence of a superior establishment. So i t would he in the country when great and secure banks were established. But what was the present system of our laws respecting banks togs ? One of complete liberty to every thing that was retten and bad. Any cheesemonger, any butcher, chandler; or Other shopkeeper whatever, might set up a bank; but say that more than sik respectable persons are assembled, and they may form no establishment 4 and the Crown may grant them no charter ! Such a system could not continue to exist. Either hate sound restrictions, or else have full liberty. He might be told that it was in 'Min to look for the establishments of such safe and respectable Joint Stock Companies. Whether they would be formed or not he could not say ; but a simis tar measure had 'been adopted not long since in Ireland, and although much time had not yet elapsed to make it a matter' r of experience, he understood that respectable Joint Stock Companies were already established in that country to carry on banking. The present measure would be imperfect till the country were free from its engagements with the Bank, or till the Bank should free tile country. One consideration might operate with the Bank to do the latter, the desire of establishing branches of its own in various places. It had a right, he be lieved, to do so, and he a as most willing that it should make the experiment, If, on consideration, the Bank did not feel it pro. dent to make that experiment before the ercpiration of its charter iii 1833 4 let it least lea' e the public free, and it would derive ristich benefit from such a course, for whatever placed the cis. ctilation of the country on a secure foundation must turn to its advantage. The timeline maintained by some Noble Lords that nothing was better then a paper circulation convertible at will into gold was true to this extent, that if convertible into coin, the evil would cure itself, whilst one not convertible would lead to nothing but ruin. But how was the cute to be operated ? By the downfall of thousands, and hundreds of thousands, and the convulsions of all kinds of property. It was true that the evil carried its cure, but with such consequences that the cure itself was more terrible than the evil. It was one of the dim& Vantages of this country, anti of all rich commercial countries, to be exposed to greater fluctuations than poorer States. The object of the Legislature ought to be to make those fluctuations as rare and as small as possible. This feeling ought to govern all its proceedings, and he trusted would prevail when another most important question, Which it was not his intention tosube mit this year to the House, the great question of the Corn Laws, should come. to be discussed. Ile was afraid that much passion would be brought on all sides to the discussion, and he ear. neatly recommended that it should be considered most coolly,— Let not the object be whether rents or wages should be higher or lower, but what Would create the least possible fluctuation. That alone was the legitimate object. On that the Legislature ought to rest, and he who could solve that problem would render the greatest service to his country. When the time should come, let, he repeated, the question be discuseed dispassionately. Let not this interest or that be consulted, but the interest of the whale community. lie had now strived at the measure of relief which had sometime been afloat, and which his Majesty's tiiceernment tholtght it right to propose to Parliament. Ile knew that a strong wish had been expressed, that a remedy applied under fotruet circumetanees, an issue of Exchequer Bills, should be adopted in the present. He also knew very well that if he had consulted his own ease and popularity, and had tome down with such a proposi tion, he would have been most welcome. If he had not so conic down, therefore, it was because after deep considefation he had not considered it consistent with his duty. Ile Matt al. way thought that the precedent of 1793 was a most unfortu nate one, even at that time ; although there Was a great air., ference between evils groWing out of political events, and die , tress which it was ackuowledged on,oll sides had no connection whatever with such events. Such a remedy would now teach the people not to look to themselves. It would 'contradict the doctrine laid down that the evil must cure itself, and would make the eoYnmercial world expect relief from the Oevermeene, whenever the excesses of its speculations should have brought it into difficulties. - It was POW three or four years since the landed interest had also been in a state of great distress, and not One month dared without his being beset veil applieetion for special relief on: the ground and precedent of that unfoutte nate issue of Exchequer Bills. Luckily theft was this short an. ilea in case of trede, res swat. that the thing was impraetieeMe; paymenkcould be mauls in a shost olt Or u : t b ll t y lt lt Zt i w ie h l e a r y t e l d a . nd r ecl et • i'tr'w-Pacsrtitiwpolscilitllenccinti;ark(i'rt3lYont'Littliords feel that they could